Regulatory Alerts2017-04-25
Enhanced Prudential Standards Proposed for Specialized Credit Finance Companies
The Financial Services Commission of Korea has proposed amendments to the Regulations on Credit Finance Business to establish enhanced prudential standards for specialized credit finance companies. These amendments mandate stricter loan loss provisioning for high-risk loans and introduce specific asset classification criteria for installment finance and lease assets. The regulatory changes also require the implementation of biometric authentication for credit card consumers to strengthen operational security and consumer protection.
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